The central bank of China has called on the country’s financial institutions to provide more credit support to poorer areas to help alleviate poverty.
On Monday, Pan Gongsheng, deputy governor of the People's Bank of China, encouraged the country’s policy and commercial banks to increase financing support for relocation and infrastructure projects in poor regions.
Furthermore, he tasked insurance and securities companies to expand their business networks in these regions. According to Pan, poverty alleviation requires coordinated efforts from various sectors of the financial industry in order to work.
The central bank also promised to introduce more potent monetary policies and tools, making it more possible for financial institutions to help lessen poverty, reports state news outfit Xinhua.
The Chinese government has set 2020 as a target year to become a “moderately prosperous society”, with one of the requirements being the eradication of poverty.
According to government data, at the turn of the year, an estimated 43.35 million Chinese citizens were living below the poverty line, or roughly 3.14% of the population.
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